Electric Winch Market Size

Electric Winch Market size was valued at USD 108.2 Billion in 2023 and is expected to exceed USD 301.43 Billion by 2036, expanding at over 8.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of electric winch is assessed at USD 116.4 Billion. The growth of the segment can be attributed to growing urban population. Approximately 4.4 billion people, or 56% of the world's population, reside in cities. By 2050, approximately 7 out of 10 people would live in cities, with the urban population predicted to more than double from its current level. Hence, owing to this the construction projects is also estimated to boost. Hence, the demand for electric winch is growing. Heavy items including steel beams and precast concrete are increasingly being lifted and moved on building sites using electric winches.

Moreover, growing accidents and injuries in industries is also estimated to boost the growth of the market over the forecast period. Injuries to workers in the automotive supply chain in the NCR region in India increased by about 80% to around 799 in the fiscal year 2022. Hence, the demand for electric winch market is growing. The precise control that electric winches provide while lifting or pulling items lowers the possibility of accidents and injuries. The winch could be smoothly started and stopped, the load's speed and direction may be altered, and it is able to cease operation precisely. Moreover, when the winch is not actively drawing or raising a cargo, load-holding brakes on electric winches automatically engage. This function stops the load from slipping or dropping, which could result in mishaps or harm.